Bel Fuse Inc. Financial Ratios — BELFA Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	1.91	1.21	7.85	4.06	8.62	-32.99	-7.64	12.99	-5.33	7.85	13.91	24.64	26.98	12.51	16.4
Return on Assets (%)	1.36	0.86	5.45	1.82	3.16	-12.9	-2.77	4.73	-1.92	2.77	5.14	9.83	13.04	5.38	6.53
Return on Capital (%)	1.91	- -	- -	3.62	5.77	- -	-7.05	9.13	- -	- -	9.03	16.42	20.51	6.34	8.26
Return on Invested Capital (%)	2.4	- -	- -	3.87	5.3	- -	-7.57	8.39	- -	- -	7.16	17.6	20.96	9.21	11.22
Gross Margin (%)	17.07	16.22	17.82	17.93	19.19	19.98	20.82	25.4	22.33	25.71	24.73	28.04	33.74	37.84	39.15
EBITDA Margin (%)	6.69	5.59	8.25	7.32	9.5	10.13	7.81	8.28	4.49	7.26	7.86	13.1	16.81	15.82	19.89
Operating Margin (%)	3.76	2.41	4.71	3.14	5.44	5.78	3.6	4.96	1.14	3.74	4.76	10.83	14.73	12.74	15.95
Incremental Operating Margin (%)	159.38	49.02	15.22	-0.83	19.48	2.95	131.22	16.75	38.62	-44.23	10.89	40.63	-162.26	24.87	28.13
Pretax Margin (%)	2.67	0.35	4.34	2.01	4.54	-16.51	1.96	4.31	-1.48	2.61	5.03	9.03	13.02	11.56	14.07
Profit Margin (%)	1.28	0.83	4.56	1.77	3.39	-12.96	-2.42	3.78	-1.78	2.75	4.57	8.05	11.54	7.66	9.11
Net Income to Common Margin (%)	1.28	0.83	4.56	1.77	3.39	-12.96	-2.42	3.78	-1.78	2.75	4.57	8.05	11.54	7.66	9.11
Effective Tax Rate (%)	52.18	- -	- -	11.94	25.4	- -	223.37	12.31	- -	- -	9.17	10.79	11.37	20.41	22.03
Dvd Payout Ratio (%)	85.15	135.9	19.56	36.73	16.87	-5.01	-27.58	15.91	-38.34	26.28	13.61	6.48	4.73	6.01	4
Sustainable Growth Rate (%)	0.28	-0.43	6.31	2.57	7.17	-34.64	-9.75	10.92	-7.37	5.79	12.02	23.04	25.71	11.75	15.74

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	12	233	184	141	123	114	163	130	134	117	81	318	221
ST Debt	- -	- -	12	13	25	11	3	3	13	12	7	6	6	8	8
LT Debt	- -	- -	- -	219	159	130	120	112	150	118	127	111	74	310	213
Total Debt/EBITDA	- -	0.01	0.42	6.52	3.41	2.79	3.19	2.52	7.37	3.85	3.14	1.36	0.75	3.76	1.65
Net Debt/EBITDA	-4.47	-4.44	-1.74	4.36	1.83	1.34	1.39	1.33	3.23	0.91	1.19	0.29	-0.27	2.65	1.04
Total Debt/EBIT	- -	0.03	0.73	15.21	5.94	4.89	6.93	4.2	28.91	7.48	5.18	1.65	0.85	4.67	2.06
Net Debt/EBIT	-7.96	-10.29	-3.05	10.17	3.19	2.35	3.01	2.22	12.68	1.76	1.96	0.35	-0.31	3.29	1.3
EBITDA to Interest Expense	- -	1,001.31	184.72	8.96	7.1	7.61	5.65	8.53	4.06	7.13	12.07	25.37	37.75	20.75	9.11
EBITDA-CapEx/Interest Expense	- -	704.81	131.67	6.69	5.8	6.37	4.7	6.35	2.24	5.98	9.41	22.76	33.49	17.29	8.29
EBIT to Interest Expense	- -	431.75	105.35	3.84	4.07	4.34	2.6	5.11	1.03	3.67	7.31	20.97	33.08	16.71	7.3
Interest Expense	- -	- -	- -	4	8	7	7	5	5	5	4	3	3	4	15
Common Equity/Total Assets	71.22	71.35	67.87	33.77	39.85	38.08	34.55	38.31	33.76	36.95	36.96	42.55	54.02	36.46	43.24
Long-Term Debt/Equity (%)	- -	- -	- -	97.73	68.11	81.96	76	63.3	89.24	63.7	60.92	42.21	21.79	70.33	41.14
Long-Term Debt/Capital (%)	- -	- -	- -	49.01	38.34	42.75	44.19	39.31	46.7	39.72	39.34	31.19	19.06	41.64	29.68
Long-Term Debt/Total Assets (%)	- -	- -	- -	34.49	27.45	30.43	27.84	25.19	31.98	26.08	24.84	19.76	12.98	32.67	22.82
Total Debt/Equity (%)	- -	0.1	5.25	103.72	78.73	89.15	77.67	64.72	96.89	70.09	64.22	44.45	23.66	72.13	42.69
Total Debt/Capital (%)	- -	0.1	5.43	52.02	44.32	46.5	45.16	40.2	50.71	43.71	41.47	32.84	20.69	42.71	30.8
Total Debt/Total Assets (%)	- -	0.07	3.89	36.61	31.73	33.1	28.45	25.75	34.73	28.69	26.19	20.81	14.09	33.5	23.67
Net Debt to Equity	-39.91	-32.99	-21.92	69.33	42.26	42.82	33.77	34.17	42.5	16.49	24.31	9.43	-8.62	50.83	26.93
Net Debt/Capital (%)	-80.98	-56.72	-31.52	42.01	29.94	29.45	26.36	26.19	28.7	14.38	19.41	8.68	-9.79	33.13	21.13
EBITDA	20	16	29	36	54	51	38	45	22	34	43	86	108	85	134
EBITDA-CapEx	17	11	21	27	44	42	32	34	12	28	33	77	95	71	122
Operating Income (Loss)	11	7	16	15	31	29	18	27	6	17	26	71	94	68	108

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.22	1.54	0.93	0.63	0.7	0.8	0.79	0.51	0.8	0.97	0.55	0.52	1.15	0.54	0.45
Current Ratio	4.9	4.12	3.05	2.55	2.3	2.77	3.05	2.74	3.14	3.2	2.94	2.8	3.45	2.92	3.02
Quick Ratio	3.2	2.52	1.88	1.45	1.41	1.6	1.7	1.52	1.83	1.95	1.58	1.44	2.02	1.45	1.48
CFO/Avg Current Liab	0.68	0.26	0.19	0.24	0.54	0.36	0.27	0.1	0.25	0.52	0.05	0.32	0.88	0.62	0.63
Common Equity/Total Assets	71.22	71.35	67.87	33.77	39.85	38.08	34.55	38.31	33.76	36.95	36.96	42.55	54.02	36.46	43.24
Long-Term Debt/Equity (%)	- -	- -	- -	97.73	68.11	81.96	76	63.3	89.24	63.7	60.92	42.21	21.79	70.33	41.14
Long-Term Debt/Capital (%)	- -	- -	- -	49.01	38.34	42.75	44.19	39.31	46.7	39.72	39.34	31.19	19.06	41.64	29.68
Long-Term Debt/Total Assets (%)	- -	- -	- -	34.49	27.45	30.43	27.84	25.19	31.98	26.08	24.84	19.76	12.98	32.67	22.82
Total Debt/Equity (%)	- -	0.1	5.25	103.72	78.73	89.15	77.67	64.72	96.89	70.09	64.22	44.45	23.66	72.13	42.69
Total Debt/Capital (%)	- -	0.1	5.43	52.02	44.32	46.5	45.16	40.2	50.71	43.71	41.47	32.84	20.69	42.71	30.8
Total Debt/Total Assets (%)	- -	0.07	3.89	36.61	31.73	33.1	28.45	25.75	34.73	28.69	26.19	20.81	14.09	33.5	23.67
CFO/Total Liabilities	54.21	19.4	13.32	5.46	19.05	14.39	8.83	3.78	8.13	17.2	1.53	13.5	46.89	14.56	19.35
CFO/CapEx	10.34	2.45	1.28	2.48	6.65	4.69	3.75	0.87	2.47	8.42	0.49	4.56	8.94	5.25	6.72
Altman's Z-Score	5.75	5.2	4.98	2.93	3.5	3.72	3.42	3.41	2.97	3.08	3.08	3.96	5.59	4.36	6.55

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.39	6.99	6.54	5.96	6.1	6.23	6.42	6.42	5.86	6.32	6.86	6.73	6.69	5.47	5.8
Days Sales Outstanding	57.15	52.2	55.77	61.24	59.82	58.63	56.88	56.84	62.28	57.78	53.23	54.23	54.6	66.72	62.92
Inventory Turnover	4.44	4.43	4.59	4.35	4.32	4.06	3.77	3.59	3.36	3.34	3.42	3.02	2.74	2.23	2.5
Days Inventory Outstanding	82.27	82.3	79.46	83.85	84.49	90	96.86	101.66	108.49	109.39	106.85	120.89	133.01	163.55	145.92
Accounts Payable Turnover	12.17	12.95	12.49	9.7	7.93	8.26	8.37	8.09	7.37	8.07	8.48	7.72	7.39	7.97	8.16
Accounts Payable Turnover Days	30	28.18	29.23	37.64	46.01	44.2	43.63	45.1	49.54	45.2	43.04	47.29	49.4	45.78	44.72
Cash Conversion Cycle	109.42	106.32	106	107.45	98.29	104.43	110.1	113.4	121.23	121.96	117.03	127.84	138.21	184.48	164.11
Inventory to Cash Days	-25.12	-30.1	-23.69	-22.6	-24.67	-31.37	-39.98	-44.81	-46.21	-51.61	-53.62	-66.66	-78.42	-96.83	-83
Inventories	53	55	70	114	99	99	108	120	107	100	139	172	137	161	167
Raw Materials	28	26	29	52	42	43	47	63	48	41	67	75	64	75	74
Work In Process	7	8	9	16	17	18	18	21	27	26	31	44	42	54	58
Finished Goods	18	21	32	46	40	37	43	35	32	33	41	53	31	33	36
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	250	204	222	280	174	302	263	167	199	164	186	404	826	1,136	1,919
- Cash & Cash Equivalents	88	71	62	77	85	73	69	54	72	85	62	70	89	68	58
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	81	93
+ Total Debt	- -	- -	12	233	184	141	123	114	163	130	134	117	81	318	221
Enterprise Value	156	132	172	435	273	370	316	227	290	209	258	450	779	1,466	2,176
Total Capital	197	197	221	447	414	304	272	284	321	298	323	355	389	745	719
Total Debt/Capital (%)	- -	0.1	5.43	52.02	44.32	46.5	45.16	40.2	50.71	43.71	41.47	32.84	20.69	42.71	30.8
Total Debt / EV	- -	- -	0.07	0.53	0.67	0.38	0.39	0.5	0.56	0.62	0.52	0.26	0.1	0.22	0.1
EV/Sales	0.53	0.46	0.49	0.89	0.48	0.74	0.64	0.41	0.59	0.45	0.48	0.69	1.22	2.74	3.22
EV/EBITDA	7.88	8.27	5.96	12.21	5.06	7.29	8.22	5	13.1	6.18	6.04	5.25	7.25	17.33	16.2
EV/EBIT	14.03	19.18	10.45	28.47	8.83	12.79	17.85	8.35	51.41	12	9.98	6.35	8.27	21.51	20.2
EV/Cash Flow to Firm	5.14	11.38	15.99	16.77	3.81	8.43	20.08	15.37	9.35	4.09	32.91	10.4	7.03	18.96	23.62
EV/Free Cash Flow to Firm	4.69	8.08	9.03	12.44	3.35	7.1	14.26	8.61	7.09	3.69	14.98	8.63	6.34	16.04	20.9
Diluted Market Cap	250	204	222	280	174	302	263	167	199	164	186	404	826	1,136	1,919
Diluted Enterprise Value	161	132	172	435	273	370	316	227	290	209	258	450	817	1,467	2,176
EV per Share	13.22	11.23	15.05	37.33	22.96	31	26.25	18.73	23.57	16.95	20.83	35.89	61.01	116.21	172.11
TTM Sales	295	287	349	487	567	500	492	548	492	466	543	654	640	535	675
TTM EBITDA	20	16	29	36	54	51	38	45	22	34	43	86	108	85	134
TTM Operating Income	11	7	16	15	31	29	18	27	6	17	26	71	94	68	108
TTM Cash Flow to Firm	30	12	11	26	71	44	16	15	31	51	8	43	111	77	92
TTM Free Cash Flow to Firm	33	16	19	35	81	52	22	26	41	57	17	52	123	91	104

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	7.52	12.45	11.77	8.89	2.3	6.45	8.6	7.68	5.79	3.17	13.26	8.22	6.85	12.89	20.72
EV/EBIT	14.03	19.18	10.45	28.47	8.83	12.79	17.85	8.35	51.41	12	9.98	6.35	8.27	21.51	20.2
Enterprise Value	156	132	172	435	273	370	316	227	290	209	258	450	779	1,466	2,176
Low Price	15.37	13.7	12.69	17.61	14.19	9.69	18.8	12.85	9.1	6.08	12.38	14.35	29.82	51	53.95
EV/Sales	0.53	0.46	0.49	0.89	0.48	0.74	0.64	0.41	0.59	0.45	0.48	0.69	1.22	2.74	3.22
EV/EBITDA	7.88	8.27	5.96	12.21	5.06	7.29	8.22	5	13.1	6.18	6.04	5.25	7.25	17.33	16.2
Price/Earnings	66.31	85.78	13.95	32.54	9.07	- -	- -	8.04	- -	12.8	7.5	7.66	11.19	27.74	31.18
Price/Earnings Average	67.23	89.86	11.72	29.77	11.45	-3.17	-23.51	11.4	-22.75	10.87	7.72	5.91	8.07	25.34	20.39
Price/Earnings High	88.67	110.09	15.71	36.92	15.25	-4.96	-30.24	15.09	-32.65	16.57	10.99	9.04	11.98	32.93	32.77
Price/Earnings Low	48.07	68.12	9.11	23.88	8.78	-1.78	-19.01	7.52	-12.79	5.86	6.19	3.41	5.16	15.71	11.08
Price/Book Value	1.27	1.04	1.06	1.3	0.75	1.86	1.76	0.98	1.26	0.98	0.98	1.69	2.67	3.28	4.75
Price/Book Value Average	1.28	1.09	0.89	1.19	0.95	1.27	1.88	1.39	1.26	0.83	1.01	1.31	1.93	3	3.1
Price/Book Value High	1.69	1.33	1.19	1.48	1.27	1.98	2.41	1.84	1.8	1.26	1.44	2	2.86	3.9	4.99
Price/Book Value Low	0.92	0.82	0.69	0.96	0.73	0.71	1.52	0.92	0.71	0.45	0.81	0.75	1.23	1.86	1.69
Price/Tangible Book Value	1.21	1.13	1.23	26.92	7.36	4.6	3.84	1.77	2.7	1.7	1.54	2.2	3.12	964.65	22.34
Price/Tangible Book Value Average	1.23	1.19	1.03	24.62	9.29	3.13	4.09	2.51	2.7	1.45	1.58	1.7	2.25	881.24	14.61
Price/Tangible Book Value High	1.62	1.45	1.38	30.54	12.37	4.9	5.26	3.32	3.87	2.21	2.25	2.6	3.34	1,145.1	23.48
Price/Tangible Book Value Low	0.88	0.9	0.8	19.75	7.12	1.76	3.31	1.66	1.52	0.78	1.27	0.98	1.44	546.15	7.94
Price/Sales	0.85	0.71	0.64	0.57	0.31	0.6	0.53	0.3	0.4	0.35	0.34	0.62	1.29	2.12	2.84
Price/Sales Average	0.86	0.74	0.53	0.53	0.39	0.41	0.57	0.43	0.4	0.3	0.35	0.48	0.93	1.94	1.86
Price/Sales High	1.13	0.91	0.72	0.65	0.52	0.64	0.73	0.57	0.58	0.46	0.5	0.73	1.38	2.52	2.99
Price/Sales Low	0.61	0.56	0.41	0.42	0.3	0.23	0.46	0.28	0.23	0.16	0.28	0.27	0.6	1.2	1.01
Price/Cash Flow	8.25	17.53	20.97	12.47	2.65	7.82	10.88	16.5	8.14	3.55	40.17	10.02	7.62	15.34	23.8
Price/Cash Flow Average	8.36	18.37	17.62	11.4	3.34	5.33	11.59	23.38	8.13	3.02	41.36	7.74	5.5	14.02	15.57
Price/Cash Flow High	11.03	22.5	23.62	14.15	4.45	8.33	14.92	30.94	11.68	4.6	58.91	11.83	8.16	18.21	25.01
Price/Cash Flow Low	5.98	13.93	13.69	9.15	2.56	2.99	9.38	15.42	4.57	1.63	33.15	4.47	3.52	8.69	8.46
Price/Free Cash Flow Average	7.62	13.04	9.89	8.13	2.9	4.39	9.16	10.89	5.79	2.7	13.65	6.35	4.95	11.77	13.55
Price/Free Cash Flow High	10.05	15.98	13.25	10.08	3.87	6.87	11.78	14.4	8.31	4.11	19.45	9.7	7.34	15.3	21.77
Price/Free Cash Flow Low	5.45	9.89	7.68	6.52	2.23	2.47	7.41	7.18	3.26	1.45	10.95	3.66	3.16	7.3	7.36
EV/Sales Average	0.56	0.5	0.39	0.85	0.56	0.55	0.68	0.54	0.59	0.4	0.49	0.55	0.92	2.56	2.24
EV/Sales High	0.83	0.66	0.57	0.97	0.69	0.78	0.84	0.68	0.76	0.55	0.64	0.8	1.37	3.14	3.37
EV/Sales Low	0.31	0.32	0.27	0.74	0.47	0.37	0.57	0.39	0.41	0.26	0.42	0.35	0.58	1.82	1.39
EV/EBITDA Average	8.34	8.87	4.73	11.54	5.91	5.4	8.67	6.53	13.09	5.45	6.17	4.17	5.46	16.18	11.25
EV/EBITDA High	12.43	11.87	6.93	13.27	7.26	7.68	10.75	8.21	17.01	7.6	8.08	6.1	8.14	19.85	16.92
EV/EBITDA Low	4.69	5.66	3.29	10.12	4.95	3.62	7.28	4.76	9.15	3.55	5.28	2.64	3.46	11.51	6.99
EV/EBIT Average	14.86	20.58	8.29	26.91	10.31	9.46	18.82	10.91	51.39	10.59	10.2	5.05	6.23	20.08	14.03
EV/EBIT High	22.14	27.53	12.15	30.94	12.67	13.47	23.35	13.72	66.77	14.77	13.34	7.38	9.29	24.64	21.1
EV/EBIT Low	8.36	13.12	5.76	23.6	8.65	6.34	15.8	7.95	35.92	6.91	8.73	3.19	3.95	14.29	8.71
Last Price	21.2	17.25	19.44	24	14.66	25.31	21.82	13.75	16.2	13.28	15	32.19	64.64	90.08	151.8
High Price	28.35	22.14	21.89	27.23	24.66	26.97	29.9	25.79	23.24	17.19	22	38	69.21	106.93	159.53
Enterprise Value Average	165	142	136	412	318	274	333	296	289	184	264	358	587	1,369	1,512
Enterprise Value High	246	190	200	473	391	389	413	373	376	257	345	523	875	1,679	2,273
Enterprise Value Low	93	91	95	361	267	183	280	216	202	120	226	226	372	974	939

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	12	12	12	12	12	12	12	12	12	12	13	13	13	13	13
Diluted Weighted Avg Shares	12	12	11	12	12	12	12	12	12	12	12	13	13	13	13
Basic Weighted Avg Shares	12	12	11	12	12	12	12	12	12	12	12	13	13	13	13
Revenue per Share	25.07	24.29	30.59	41.75	47.76	41.95	40.86	45.25	40.09	37.78	43.82	52.18	50.08	42.39	53.44
EBITDA per Share	1.68	1.36	2.52	3.06	4.54	4.25	3.19	3.75	1.8	2.74	3.45	6.84	8.42	6.71	10.63
Operating Income per Share	0.94	0.59	1.44	1.31	2.6	2.42	1.47	2.24	0.46	1.41	2.09	5.65	7.38	5.4	8.52
Basic EPS, GAAP	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.25	4.87
Basic EPS from Cont Ops	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.9	5.86
Diluted EPS, GAAP	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.25	4.87
Diluted EPS from Cont Ops	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.9	5.86
Dividend per Share	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Cash Flow per Share	2.57	0.98	0.93	1.92	5.54	3.24	2	0.83	1.99	3.74	0.37	3.21	8.48	5.87	6.38
Free Cash Flow per Basic Share	2.32	0.58	0.2	1.15	4.71	2.55	1.47	-0.12	1.19	3.3	-0.38	2.51	7.53	4.75	5.43
Cash & Equivalents per Share	7.98	6.04	5.44	6.61	7.16	6.16	5.76	4.45	5.88	6.89	4.98	5.6	9.93	5.49	4.57
Book Value per Share	16.75	16.64	18.32	18.39	19.42	13.63	12.38	14.03	12.89	13.6	15.25	19.02	24.17	27.45	31.99
Tangible Book Value per Share	17.5	15.22	15.83	0.89	1.99	5.51	5.69	7.76	6	7.79	9.76	14.61	20.7	0.09	6.79

Bel Fuse Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)